CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2024

CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS

Schedule of condensed statements of financial condition

	December 31,
(In thousands)	2024		2023
ASSETS:
Cash and due from banks	$	95,528	$	35,114
Securities available-for-sale, at fair value		2,850		2,693
Investment in subsidiaries		1,578,643		1,395,526
Other assets		6,180		4,401
Total assets	$	1,683,201	$	1,437,734
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Subordinated debt, net	$	272,325	$	200,196
Other liabilities		14,359		11,313
Stockholders’ equity		1,396,517		1,226,225
Total liabilities and stockholders’ equity	$	1,683,201	$	1,437,734

Schedule of condensed statements of income and other comprehensive income

	Year Ended December 31,
(In thousands)	2024		2023		2022
Net interest loss	$	(13,501)	$	(9,942)	$	(10,394)
Dividends received from Bank		50,000		60,000		95,000
Non-interest expense		(1,115)		(1,066)		(1,720)
Income before income taxes and equity in undistributed earnings of direct subsidiaries		35,384		48,992		82,886
Income tax credit		5,308		7,822		4,001
Income before equity in undistributed earnings of direct subsidiaries		40,692		56,814		86,887
Equity in undistributed earnings of subsidiaries		(11,608)		39,280		65,669
Net income	$	29,084	$	96,094	$	152,556

(1) Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2024, 2023 and 2022.

Schedule of condensed statements of cash flows

	Year Ended December 31,
(In thousands)	2024		2023		2022
Cash flows from operating activities:
Net income	$	29,084	$	96,094	$	152,556
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of direct subsidiaries		11,608		(39,280)		(65,669)
Net amortization (accretion)		45		(87)		(111)
Loss on extinguishment of debt		—		—		740
Increase in other assets		(1,863)		(62)		(104)
Increase (decrease) in other liabilities		803		(931)		(1,096)
Net cash provided by operating activities		39,677		55,734		86,316
Cash flows from investing activities:
Net cash provided by investing activities		—		—		—
Cash flows from financing activities:
Proceeds from subordinated debentures issuance, net		72,084		—		157,559
Redemption of subordinated debentures		—		—		(155,000)
Proceeds from common stock issuance, net		135,764		—		—
Release of stock for benefit plan awards		1,105		1,164		1,167
Payments related to tax withholding for equity awards		(1,347)		(1,258)		(1,558)
Treasury shares repurchased		—		(947)		(46,762)
Cash dividends paid to preferred stockholders		(7,286)		(7,286)		(7,286)
Cash dividends paid to common stockholders		(38,036)		(37,302)		(36,791)
Other, net		(141,547)		—		—
Net cash provided by (used in) financing activities		20,737		(45,629)		(88,671)
Net increase (decrease) in cash and due from banks		60,414		10,105		(2,355)
Cash and due from banks, beginning of period		35,114		25,009		27,364
Cash and due from banks, end of period	$	95,528	$	35,114	$	25,009